As the market appears to be on the up, and the leadership focus is now all about finishing the year on a high and setting up 2024, there are some areas that need more focus.
The talent/skills shortage is not going away, so what can you implement to try and counterbalance the situation in your favour?
Retention of staff will be critical for starting 2024 on the front foot. Over the last 18 months, the benefits package has become a key attraction and retention tool.
So in this addition, we are going to look at these two subjects.
Please leave your comments and thoughts.
Navigating the Talent Drought: Recruiter Strategies that Benefit Both Candidates and Clients.
In a skills-short market with a high demand for qualified candidates and a limited supply of skilled professionals, recruiters need to adopt strategic approaches to succeed. Here are some key strategies and best practices for recruiters in such a market:
Develop a Strong Talent Pipeline:
- Proactively build and maintain a talent pipeline of potential candidates even before specific job openings arise. To do this skillfully, you need to know in advance what your clients will be recruiting for in the next 6 to 12 months.
- Use talent relationship management (TRM) systems to nurture relationships with passive candidates and keep them engaged with your organisation. “I cannot find candidates.” Well, your CRM is full of them, but they are only useful if you properly nurture them.
- Utilise applicant CRM or ATS and recruitment software to streamline the hiring process and identify suitable candidates faster.
- Implement AI-powered tools for resume identification, screening and candidate matching to quickly identify the most relevant candidates.
Understand your Clients Compensation and Benefits Packages:
- Ensure you understand your clients’ compensation packages. Are they competitive within the industry to attract top talent? If you have the data, you can be consultative, not just another recruiter.
- Consider what you can trade from the clients’ package to help them attract candidates if the package differs from the market expectations or is not competitive with competitors.
Hire for Potential and Cultural Fit:
- Attracting and presenting candidates with a strong culture fit will create more opportunities, and the client will see the value in your service. When value is recognised, price is not an objection.
- Assess cultural fit during the job specification stage to ensure your candidates’ screening is aligned with your client’s values and mission before submission. Are you using behavioural assessments with clients and candidates?
Streamline the Hiring Process:
- Reduce unnecessary delays in the hiring process, as top talent may have multiple offers. Yours and your client’s
- Use technology to conduct virtual interviews, and assessments before presenting candidates to your clients to expedite the hiring timeline.
Employ Employer Branding:
- You are the first contact with the candidate market for your client. Can you promote the company you are recruiting for as an attractive workplace? Will it differ from what the candidate can find on social media, company websites, and online reviews?
- Create a client marketing pack to help showcase success stories and testimonials etc.
Diversity and Inclusion:
- Emphasise diversity and inclusion in your hiring efforts to tap into a broader talent pool.
- Implement inclusive hiring practices to attract candidates from various backgrounds and experiences.
- Use data analytics to track the effectiveness of your and your clients’ recruitment strategies and adjust them as needed.
- Identify bottlenecks in the hiring process and areas for improvement.
- Stop working jobs the data tells you are not worth working. Do you have data that tells you that? You should have!
Retain and Upskill your Talent:
- Focus on retaining and developing your existing employees, as internal promotions and career growth will reduce your attrition and improve your client and candidate services.
- Invest in ongoing training and upskilling programs for your front and back office.
Stay Informed About Industry Trends:
- Continuously monitor industry trends and anticipate future skill demands to stay ahead in the talent acquisition game.
- Adapt your recruiting strategies based on emerging skills and technologies.
But I hear you saying that the above is stating the obvious, which it might well be, but are you doing it so that it truly impacts your bottom line?
So here are some headlines to make you think: some are easy, some not so. If you want to know more, drop Jump Advisory Group a message:
Career Counseling and Guidance:
Skill Development Resources:
Feedback and Follow-Up:
For Clients (Employers):
Talent Market Insights:
Diversity and Inclusion Strategies:
Customised Recruitment Strategies:
Talent Pool Insights:
Performance Metrics (client, not consultant):
Onboarding and Retention Support:
Flexible Hiring Solutions:
By delivering value-added services beyond traditional recruitment, recruiters can build stronger relationships with candidates and clients, ultimately differentiating themselves in a competitive skills-short market. These additional services can enhance the candidate and client experience and contribute to long-term success.
In a skills-short market, recruiters must be agile, proactive, and creative in their approach to talent acquisition. Building strong relationships, leveraging technology, and creating a compelling employer brand can help organisations attract and retain the best talent in a competitive environment and increase placement ratios.
Attracting New Talent with Comprehensive Benefit Packages: Navigating Legal Requirements in the UK, what is required and what is a True Benefit.
The quest to attract and retain top-tier talent has evolved beyond traditional methods in today’s competitive job market. Companies increasingly recognise the pivotal role of comprehensive benefits packages in luring skilled professionals and fostering employee loyalty. While offering enticing benefits can undoubtedly set your company apart, it’s essential to understand the legal landscape to ensure compliance with UK regulations.
The Power of Comprehensive Benefit Packages
A well-designed benefit package has become a pivotal tool for companies aiming to stand out in the crowded recruitment arena. Beyond the allure of a competitive salary, job seekers are now placing significant emphasis on the additional perks and security that a prospective employer can offer. A comprehensive benefit package demonstrates a company’s commitment to its employees’ well-being and aligns with the evolving expectations of the modern workforce.
Mandatory Benefits in the UK
When crafting a benefit package, it’s imperative to distinguish between voluntary and legally required benefits. In the UK, certain benefits are mandated by law, ensuring that employees are provided with fundamental rights and protections. These include:
- Statutory Sick Pay (SSP): Employers must provide SSP to employees who cannot work due to illness. As of my last knowledge update in September 2021, the weekly rate was £96.35 for up to 28 weeks. It’s essential to verify this figure with the most recent information.
- Paid Annual Leave: Full-time employees are entitled to at least 28 days of paid annual leave, which includes the 8 UK public holidays. Part-time employees are entitled to a pro-rata amount of this leave.
- Minimum Pension Contributions: The UK government has introduced auto-enrollment for workplace pensions. Employers must automatically enrol eligible employees into a workplace pension scheme and make minimum pension contributions on their behalf.
- Minimum Wage: Employers must pay employees at least the National Minimum Wage (NMW) or National Living Wage (NLW) based on age and employment status. The rates change annually, so staying updated on the current figures is crucial.
- Protection Against Unfair Dismissal and Discrimination: While not a direct benefit, employees have the legal right to protection against unfair dismissal and various forms of discrimination.
- Maternity, Paternity, and Adoption Leave: Employees who are expecting or adopting a child have the right to take time off work. This includes maternity leave for mothers, paternity leave for fathers and partners, and adoption leave for adoptive parents. These leaves are protected by law, and eligible employees are entitled to statutory pay during their time off.
- Shared Parental Leave: This allows eligible parents to share up to 50 weeks of leave and 37 weeks of pay between them following the birth or adoption of a child. It provides more flexibility in managing childcare responsibilities.
- Parental Bereavement Leave: Employees who have lost a child under the age of 18 or who have had a stillbirth after 24 weeks of pregnancy are entitled to two weeks of statutory leave, known as parental bereavement leave.
- Statutory Adoption Pay: Adoptive parents are entitled to receive statutory adoption pay for up to 39 weeks, ensuring financial support during adoption.
- Statutory Parental Bereavement Pay: Eligible employees taking parental bereavement leave are also entitled to receive statutory parental bereavement pay, similar to other family-related statutory payments.
- Statutory Parental Pay for Shared Parental Leave: Employees taking shared parental leave may also be eligible for statutory shared parental pay, helping parents manage their income while taking leave.
- Statutory Redundancy Pay: If an employee is made redundant and meets specific criteria, they are entitled to statutory redundancy pay, calculated based on age, length of service, and weekly income, up to a specific limit.
- Time Off for Public Duties: Employees have the right to take time off work for specific public duties, such as being a magistrate or serving on a jury.
Beyond the Mandatory: Attractive Voluntary Benefits
To attract and retain top talent, it’s essential to go beyond the legally required benefits and offer additional perks that enhance employees’ quality of life. These can include but are not exclusive to the following (in no particular order):
- Private Health Insurance: Providing private healthcare coverage demonstrates a commitment to employee well-being and can significantly reduce absenteeism.
- Flexible Working Arrangements: Offering flexible hours, remote work options, or compressed workweeks can improve work-life balance and cater to different lifestyles.
- Professional Development: Investing in employees’ growth through training, workshops, and educational opportunities showcases a commitment to their long-term success.
- Paid Vacation and Travel Opportunities: Besides statutory annual leave, consider offering additional paid vacation days based on years of service. To enhance this benefit, go beyond the norm by periodically offering all-expenses-paid trips to exotic destinations or desirable locations. This can be a powerful motivator and create lasting memories for your employees.
- Holiday Swaps: Employees can buy or sell a set number of days from their annual holiday allowance.
- Birthday and Christmas leave: Giving your employees an extra day’s holiday for their birthday is a great gesture. However, giving your employees the days off between Christmas and the New Year is a grand gesture.
- Extra days holiday: Increasing your holiday allowance by a day when an employee reaches each employment anniversary is another holiday motivator.
- Performance Bonuses: Implement a performance-based bonus structure that rewards employees for achieving or exceeding their goals. Performance bonuses can be tied to individual, team, or company-wide objectives, encouraging a culture of achievement.
- Performance-Based Commissions: For roles where performance can be easily quantified (such as Finance, Adminstration, HR, Marketing, etc.), introduce commissions based on performance metrics, zero errors, full compliance, and customer satisfaction ratings to reward those not on the front line sales.
- Team-Based Commissions: Foster teamwork and collaboration by introducing team-based commissions, where employees share a commission based on collective achievements.
- Quarterly or Annual Bonuses: Introduce performance-based bonuses that are calculated quarterly or annually, allowing employees to earn extra income as a reward for their hard work and dedication.
- Sales Incentives: Apart from regular compensation, introduce enticing sales incentives that can include cash rewards, gift cards, or even luxury items for top-performing salespeople. These incentives can significantly boost morale and motivate your sales team.
- Referral Bonuses: Encourage employees to refer qualified candidates by offering referral bonuses. This helps attract quality talent through your employees’ networks and fosters a sense of involvement in the recruitment process.
- Recognition Programs: Establish a formal recognition program where exceptional contributions, innovative ideas, or consistent hard work are acknowledged with monetary rewards or gift certificates.
- Loyalty Rewards: Recognise and reward long-term employees with special loyalty incentives, such as increased gifting expenses pens, watches, jewellery, monetary bonuses, or unique experiences.
- Childcare Support: Childcare vouchers or on-site childcare facilities can alleviate the stress of working parents, allowing them to focus on their responsibilities.
- Gym Memberships and Wellness Programs: Promoting a healthy lifestyle through gym memberships, wellness challenges, and mental health support can boost morale and productivity.
- Employee Assistance Program (EAP): Offering access to confidential counselling and support services can help employees navigate personal and professional challenges, fostering a supportive work environment.
- Paid Volunteer Time: Granting employees a certain number of paid hours each month or year to volunteer for causes they care about demonstrates your company’s commitment to social responsibility.
- Remote Work Stipends: Providing employees with a budget for setting up a comfortable and efficient home office can improve remote work experiences and productivity.
- Tuition Reimbursement: Supporting ongoing education by reimbursing employees for courses or degrees related to their field benefits them and strengthens your team’s skill set.
- Parental Leave Enhancement: Extending parental leave beyond the statutory requirement can help new parents better balance work and family responsibilities.
- Transportation Subsidies: Offering subsidies for public transportation or ride-sharing services can help employees save on commuting costs and reduce environmental impact.
- Stock Options or Equity Grants: Allowing employees to own a stake in the company can align their interests with the company’s success and enhance their sense of ownership.
- Wellness Reimbursements: Providing reimbursements for wellness-related expenses such as fitness classes, yoga memberships, or mindfulness apps can contribute to employees’ overall well-being.
- Flexible Spending Accounts (FSAs): FSAs allow employees to set aside pre-tax funds for healthcare expenses not covered by insurance, reducing their taxable income.
- Sabbaticals: Offering extended paid time off after a certain number of years of service can allow employees to recharge, pursue personal interests, or travel.
- Professional Memberships: Covering the cost of professional association memberships or conference attendance can help employees network, learn, and stay up-to-date in their field.
- On-Site Services: Providing conveniences like dry cleaning, car washes, or haircuts on-site can save employees time and make managing their work-life balance more manageable.
- Pet-Friendly Workplace: Allowing employees to bring their well-behaved pets to work or offering pet insurance can create a more inclusive and enjoyable workplace.
- Technology Allowance: A stipend for purchasing personal devices like laptops, tablets, or smartphones can enhance employees’ work and personal lives.
- Career Growth Opportunities: Implementing a clear career progression plan with opportunities for advancement and promotions can inspire employees to stay committed to the company’s long-term goals
Crafting a compelling benefit package is an art that involves balancing legal obligations and enticing perks. While adhering to mandatory benefits ensures compliance with UK regulations, going above and beyond with attractive voluntary benefits can set your company apart in the competitive recruitment market. Remember, the evolving expectations of job seekers warrant a benefits strategy that aligns with their aspirations and values, ultimately fostering a happier, more motivated workforce. Always stay up-to-date with the latest legal requirements to ensure your benefits package remains attractive and compliant.
Things such as Tech Stack, Training and Development, career ladders, etc. could be classed as beyond mandatory, but really, are those things not about attraction and retention but more about the necessary to ensure your employees are equipped and trained so that they can perform above and beyond the management expectations? Yes, many companies do not have these things, so it gives you a competitive advantage, but sense says they are obligatory for a business focused on growth.
The benefit package reflects your company values and creates a culture that will live and breathe your mission. The more you think about why employees choose to come to work for you, stay with and leave you, the more you understand that, yes, the main reason employees give for leaving is their manager, but hot on it heals now, the lack of benefit that incentives them and enables them to do a great job in a fantastic culture.
There is so much to think about and so much to do in such a short time.
Why not contact Jump Advisory Group and book a FREE 60-minute Mentoring Session today? You will find the invite form at the bottom of our LinkedIn page, or simply log on to https://jumpadvisory.com/our-services/ to see a list of our services and the FREE invite form,
We look forward to hearing your comments, or feel free to post your thoughts to help the market prosper.